Bank Nifty opened today’s session slightly higher at 47,796.30 versus yesterday’s close of 47,761.65. The index is now hovering around 47,640, down 0.25 per cent.

Within the index, six stocks are in the green whereas the other six are down after the initial hour of trade. Bandhan Bank, up five per cent, is the top gainer whereas Punjab National Bank, down 1.1 per cent, is the top loser.

Nifty Private bank index is up 0.7 per cent whereas Nifty PSU bank index is down 0.15 per cent.

Bank Nifty futures

Bank Nifty futures (January expiry) opened today’s session lower at 47,849.85 as against 47,946.65. The contract is now hovering around 47,930.

The contract closed below the support at 48,000 yesterday and this is a bearish sign. As it stands, the chance for a decline is higher. The nearest support is at 47,500.

But if Bank Nifty futures rallies above 48,000, the intraday sentiment could turn positive, potentially leading to a rally to 48,400.

Trading strategy                          

Short Bank Nifty futures now at 47,930 with stop-loss at 48,100. When the contract falls to 47,700, tighten the stop-loss to 47,900. Book profits at 47,500.

Supports: 48,000 and 47,500

Resistance: 48,600 and 49,000

Related Topics
comment COMMENT NOW